After two years of supporting an in-house virtual reality movie company, Facebook's Oculus unit said Thursday it will shutter its Story Studio.

In a blog post, Oculus said it would continue to help finance outside production of VR content and will devote $50 million of its previously announced $250 million VR fund to support non-gaming creations.

This helps us turn our internal research, development, and attention towards exciting but unsolved problems in AR and VR hardware and software. We're still absolutely committed to growing the VR film and creative content ecosystem.

The upshot: On the one hand, the move means less internal support for VR production. But another way of looking at it is that Facebook believes the ecosystem is healthy enough that Oculus doesn't have to be the one making the content for its headsets, which is probably necessary for the long-term health of the industry.

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Americans reflect on Independence Day amid racism reckoning

A Black Lives Matter banner and a United States flag on the facade of the U.S. embassy building in Seoul, South Korea. Photo: Simon Shin/SOPA Images/LightRocket via Getty Images

America's leaders are rethinking how they view Independence Day, as the country reckons with the historic, unequal treatment of people of color during a pandemic which has disproportionately affected nonwhite Americans.

Why it matters: The country’s legacy of racism has come into sharp focus in the weeks of protests following the death of George Floyd while in Minneapolis police custody. From Confederate statues to Mount Rushmore, Americans are reexamining the symbols and traditions they elevate and the history behind them.

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Illustration: Aïda Amer/Axios

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  4. Public health: The states where face coverings are mandatory Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
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Washington Redskins to review team name amid public pressure

Photo: Patrick McDermott/Getty Images

The Washington Redskins have announced they will be conducting a review of the team's name after mounting pressure from the public and corporate sponsors.

Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.